Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale 20 Percent paid in the month after the sale 55 Percent paid in the second month after the sale 23 To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows: April $199,500 May 260,400 June 273,000 July 252,000 August 315,000 Required: 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts For July Payments on account: From May credit sales: $fill in the blank 660c90f7c01b078_1 fill in the blank 660c90f7c01b078_2 % $fill in the blank 660c90f7c01b078_3 From June credit sales: $fill in the blank 660c90f7c01b078_4 fill in the blank 660c90f7c01b078_5 % fill in the blank 660c90f7c01b078_6 From July credit sales: $fill in the blank 660c90f7c01b078_7 fill in the blank 660c90f7c01b078_8 % fill in the blank 660c90f7c01b078_9 Less: July cash discount $fill in the blank 660c90f7c01b078_10 fill in the blank 660c90f7c01b078_11 % fill in the blank 660c90f7c01b078_12 Cash receipts $fill in the blank 660c90f7c01b078_13 2. Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts For August Payments on account: From June credit sales: $fill in the blank 0228daf4fff1ff5_1 fill in the blank 0228daf4fff1ff5_2 % $fill in the blank 0228daf4fff1ff5_3 From July credit sales: $fill in the blank 0228daf4fff1ff5_4 fill in the blank 0228daf4fff1ff5_5 % fill in the blank 0228daf4fff1ff5_6 From August credit sales: $fill in the blank 0228daf4fff1ff5_7 fill in the blank 0228daf4fff1ff5_8 % fill in the blank 0228daf4fff1ff5_9 Less: August cash discount $fill in the blank 0228daf4fff1ff5_10 fill in the blank 0228daf4fff1ff5_11 % fill in the blank 0228daf4fff1ff5_12 Cash receipts $fill in the blank 0228daf4fff1ff5_13

55 Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale 20 Percent paid in the month after the sale Percent paid in the second month after the sale To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows: April $199,500 260,400 23 May June 273,000 July 252,000 315,000 August Required: 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts For July Payments on account: From May credit sales: $ % From June credit sales: % From July credit sales: bono $ % Less: July cash discount x % Cash receipts 2. Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts For August Payments on account: From June credit sales: From July credit sales: $ % From August credit sales: oooo $ % Less: August cash discount % Cash receipts